Freshest Figures Show New Home Sales and Prices Climb in San Francisco
Posted on: Jul 06, 2014 07:32:50 AM
In April, there was an increase in closings of new homes in the San Francisco, CA market year-over-year, and the percentage surge was greater than March 2014, giving hints of improving market conditions. There was a 50.5% jump in new home closings from a year earlier. This was after the housing market saw a 27.0% rise year-over-year in March.
A total of 3,474 new homes were sold during the 12 months that ended in April, up from 3,367 for the year that ended in March.
New home closings represented 6.9% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.2% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 35.7% bump year-over-year in April to $780,169 per unit. This gain is an improvement over the 21.4% surge in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $566,637 in April, marking a 27.0% gain compared with a year earlier. Average mortgage size jumped 16.9% in March 2014 from a year earlier.